News
You only get what you pay for
The private rented section has been very much the focus of news attention over the past few weeks, if not only because the new Coalition Government has seen fit to overturn the recommendations of the Rugg Review to bring in regulation of Letting Agents and Landlords. They are satisfied that the vast majority of tenants are happy with the service provided by their agents or landlords. It is not entirely clear from where they sourced this information, however for the moment that is where we are, although we believe the door is still open for further consultation, Let’s face it ........Who wants more Government Legislation .....surely there is enough and what good is legislation if it has no ‘teeth’ or the powers of enforcement. With Government cut backs, they are hardly able to monitor the sections which are controlled by legislation and to pile yet more ‘rogue operators’ on to the already overburdened system would seem pointless.
The Self Regulated agents in the industry are frustrated by the seeming lack of even the most lowly level of competence of some agents who beguile the unsuspecting customers with the promise of low fees and generally a quality of service to match.
Would you take your child or yourself to an unqualified doctor or your legal problems to anyone other than a qualified lawyer.
Why then would you trust your most valuable asset, your property to an unqualified agent! Not all unregulated agents are bad and not all regulated agents are perfect but at least when using an Agent who is a Licensed Member of the Association of Residential Letting Agents A.R.L.A you can have peace of mind. Why would an agent take the time and expense to belong to a Professional Body if they did not see the value which membership would bring to their clients, their office and their staff. They have information about new legislation at their fingertips and trusted support when things go wrong.
They are required to be trained to an industry recognised standard and operate with professional Indemnity Insurance and best of all, they have Client Money Protection by virtue of their membership.
They must operate to strict Bye Laws and rigorous accounting practices. If you have a complaint, you have an independent redress scheme to refer your complaint with powers to impose fines and award compensation. If you trust your property to an unregulated agent you have none of this.
No protection, no redress other than through the Courts which is both costly and time consuming. If your agent ceases to trade for whatever reason, and many have, you have nothing. This is why the industry needs some regulation to protect you, the consumer , from the rogues in the market place. Lettings is one of the growth industries in these troubled times and for the unwary customer, a cheap deal looks like good value. Be Warned, you only get what you pay for, and there never was a truer saying than this.
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